Telecoms and data network provider Pinnacle Technology Group has posted a 67 per cent rise in first half turnover to £6.3 million.

The Stirlingshire-based company also reported an 80 per cent rise in gross profits for the six months to March 31 compared with the same period last year.

However, one-off costs, including acquisition costs of £298,727, led to an overall pre-tax loss of £498,020.

Pinnacle said it has so far delivered more than 100 contracts for the BBC in the year to date, and has also been contracted to provide data and voice networks for the London Olympics.

Events covered by Pinnacle so far this year include Trooping the Colour, the Cheltenham Gold Cup, the Grand National, Strictly Come Dancing, the London Marathon and the Scottish and Welsh elections.

Pinnacle also provided the BBC, CNN and Globecast with secure data connections for the recent Queen's Diamond Jubilee celebrations and will provide voice and data networks for the upcoming T in The Park music festival.

The company also made two first-half acquisitions last October, paying £110,000 for Online Computer Developments Ltd and buying RMS Managed ICT Security Ltd for a total consideration of up to £468,301 in cash.

Pinnacle Technology, formally Pinnacle Telecom, recently changed its name to reflect its diversification into new communications technology areas through acquisition.

The group of companies in now generating 86 per cent of revenues on a recurring basis compared with 84 per cent at the midway point last year.

“Through our programme of targeted acquisitions, we have built an IT services business with a strong base of recurring revenues, operating in niche, high growth markets such as data, multi-site connectivity and security.

“Our large customer base of over 3,000 businesses across the UK represents a significant platform for future growth and our focus in our traditionally stronger second half of the year will be on further cross-sales of our enlarged product suite into this base.

“We believe the market conditions for our services, such as the requirement for cost-savings initiatives and the need for increased levels of security, are favourable to us and we therefore have confidence in the continued growth of Pinnacle.”

Shares in Pinnacle were down more than six per cent in early trading today.